Did you shop around for your mortgage?

Goldy

I'm looking to become a first time home owner and was wondering if you guys shopped around for your interest rate or if you just picked a random bank. I see a lot of online banks that offer nice rates and was wondering if anyone has used those.

ENFIDL

I used one of the "premier lenders" that my builder was offering a 15K discount through when I bought mine earlier this year. I'm actually doing a refinance right now and dropping my interest rate from 6 to 4.5 and using the same lender I did before. Before that I had looked at a few different banks but the percentages were roughly the same on them all.

Goldy

ING has a very attractive 2.99% mortgage that I am interested in but having never needed a loan I really dont know what I am doing.

Joeyjoe21_8

Depends if you buy a new built house...which they will have a lender you have to use...but either way, Go with a FHA first time homebuyers loan...you will get a rate of 4.00% and apr of 4.5% automatically and only required of 3.5%......any bank will give you the same rate for that loan....its goverment backed and the best way...thats what i did and I just re financed down to 4.5 percent.....i origianlly bought my house at 5.5 percent

bandyt09

Goldy

Goldy

bandyt09

Krieg

My wife actually works for a mortgage lender. She basically takes loans and makes sure they are compliant w/ Federal Law and State Law and basically make them closeable. And let me tell you, some of the crap that she sees brokers do will amaze you. They are CROOKS. She was able to refi our mortgage and we went from a 6.25 to a 4.8! If you are interested, I will talk to her and see what she recommends.

Rob1110

Goldy:

ING has a very attractive 2.99% mortgage that I am interested in but having never needed a loan I really dont know what I am doing.

Be careful with that and read all fine print. The 2.99 I found was for a 5 year loan and the closest thing on a 30 year was a 5 year fixed at 3.1 and 25 year adjustable. I wouldn't want my rate jumping all over the place and if you can get a loan now in the low 4s or high 3s, you probably won't want to re-fi in 5 years. I don't see rates going much lower than this.

Sandman1am

This post reminds me that I need to refinance my mortgage.

Theedge

I had putting off a refi as I didn't want to jump through the hoops, I'm with GMAC. I finally called, they asked a few questions, I went from 6.25 to 4.5 just that quickly. They e-mailed the paper work for electronic signature. I was really suprised at how easy it was.

Goldy